"They've definitely hit their responsibility target, so they've said 'we're [going to] run a surplus over the cycle' and there's a big surplus nearly $4 billion in the next year," he said.

"They've also gone below the 20 percent debt target that they talked about before the election - it's actually only 19 percent in that key fifth year of the Government.

"So they have hit their targets for budget responsibility; there's still, though, a debate about whether they really need to, because the bond markets don't give a toss about the 20 percent debt target."

Watch the video to see Bernard Hickey speak on the Newshub Nation budget special.